Mozambique: Coral Sul FLNG Has Paid $34m So Far In Revenues To The State

By Jorge Joaquim

 The Coral South FLNG Project, led by Italian oil company Eni in Area 4 of the Rovuma basin, had by May this year paid $34m into state coffers since exports began in November 2022.

Carta de Mocambique mentioned a source as saying that the sum will not be used before Sovereign Wealth Fund approval and that, in fact, the amount was planned for the year 2022, but commissioning problems within the platform, recorded in the first few months, ended up affecting production and exports.

The investment for this project is USD 7 billion and it is expected to generate direct profits amounting to UDS 39.1 billion of which about USD 19.3 billion for the State over 25 years, resulting from taxes (IPP and IRPC), bonuses, fees and profit oil sharing.

The Final Investment Decision was announced on 01 June 2017, followed by the commencement of the activities that would embody the project.